Output

GVA (Gross Value Added – a measure of economic output) has been rising since 2011 and now stands at £16.25bn, nearly £2bn more than Bristol and 47% of the Heart of the South West Local Enterprise Partnership (Devon, Somerset, Plymouth & Torbay) output. Increases in output over the last 5 years however have been driven by job creation rather than innovation and efficiency, and consequently GVA per hour, which measures productivity, is 18% below the national level; a gap that is wider than it was a decade ago. Between 2015 and 2016 the output gap closed slightly as real productivity in Devon (including Plymouth and Torbay) increased by 2.2%, one of the biggest rises in the UK.

Public Administration, Education & Health is the biggest sector in Devon with an output of over £3.5bn, followed by Distribution, Transport, Accommodation and Food at £3.17bn. Whilst output is high in these sectors and they employ large proportions of the labour force, productivity is lower than in other sectors. Conversely the smallest sector by output in Devon, Finance and Insurance at £257m, is one of the most productive industries.